Out of this amount, a loss of GH¢61 million was recorded, as compared to a loss of GH¢25 million in 2020, representing an increase of 144 per cent on a year-on-year basis.
The Bank of Ghana made this known in its 2021 Fraud Report prepared by the Financial Stability Department of the Bank.
The report showed that a loss of GH¢22 million was recorded for Automated Teller Machine (ATM) /Point of Sale (PoS) fraud, which represented an increase of 161.90 per cent year-on-year, rising from GH¢8.4 million in 2020 to GH¢22 million in 2021.
There was also a significant increase in loss of 1,594.91 per cent year-on-year for impersonation fraud where approximately about GH¢10 million loss was recorded, as compared to GH¢0.59 million in 2020.
“Lending/Credit Fraud also recorded a significant loss value of approximately GH¢8.2 million in 2021, as compared to the loss of GH¢0.62 million loss recorded in 2020, representing an increase of 1222.58 per cent year-on-year.”
It was revealed that an attempted value recorded for forgery and manipulation of documents in 2021 rose to GH¢53 million with a loss value of GH¢7 million from an attempted value of GH¢8.5 million and a loss of GH¢6.5 million recorded in 2020.
This represented an increase of 7.69 per cent on an annual basis.
“The Rural and Community Banks recorded the highest rate of success of 91.39 per cent and closely followed by the Savings and Loans sector, which recorded a success rate of 82.51 per cent,” the report said.
The Fraud report also indicated that suppression of cash and deposits recorded notable losses for the period under review. It stated that a loss of GH¢4.2 million was recorded in 2021, compared to GH¢2.3 million in 2020, representing an increase of 82.60 per cent on a year-on-year basis.
Meanwhile, E-money fraud also recorded a significant loss of GH¢3.2 million in 2021, as compared to a loss of GH¢1.04 million recorded in 2020, representing an increase of 207.69 per cent.
“Cyber/email fraud recorded a loss value of approximately GH¢2.5 million, as compared to a loss of GH¢ 1.05 million recorded in 2020, representing an increase of 138.09 per cent in year -on -year terms” the report said.